Gary Hornby, energy market analyst at Inenco, said: “If something happens supply-side, especially with Iran, then obviously oil prices will go up. There is risk on that side and that’s what’s supporting prices at the moment."

Both gas and oil prices will also be affected by wider macroeconomic conditions.

Mr Hornby said: “Everything is more or less hinging on whether the eurozone gets out of the mess it’s in. The eurozone is tipped to go into recession at the start of next year and if that happens it will drag the wholesale prices down with it."

On gas prices, he added: "The consensus is because of the mild weather we are having as well, that will drag prices down as well. So the general consensus is we see prices going down at the start of 2012."

Audrey Gallacher, Director of Energy at Consumer Focus said: “It is extremely difficult to predict what will happen to energy wholesale prices in the future. However, if they fall next year, we would expect the Big Six to ensure these reductions are reflected in consumers’ bills.

Ofgem, the energy regulator, will place further pressure on the energy companies to pass any savings on; from the New Year it will increse the frequency of its reports on the relationship between retail and wholesale prices from every three or four months, to every week.